Wednesday 19th December 2018
Autoline to join Prestige Insurance Group
NI Broker Joins Group backed by US Investor Capital Z
Prestige Insurance Holdings, which earlier this year announced a major investment by US-based investor, Capital Z, has today (19th December 2018) announced that it has signed an agreement which will see Autoline Insurance join the Group.
Autoline was established in Newry in 1975 and was acquired by Michael Blaney in 1997. The successful insurance broker provides a wide range of personal lines, business and commercial insurance and the award-winning Chilli Drive young driver app.
Prestige Insurance Holdings was established in Newtownabbey in 1973 and provides a wide range of insurance services including broking, underwriting, insurance software and claims management.
The deal, which is subject to final approval by regulatory authorities, would see Prestige Insurance Holdings acquiring the full shareholding of Autoline’s parent company, with the expanded Group employing a total of over 700 employees.
Trevor Shaw, CEO of Prestige Insurance Holdings said, “Following the investment brought by our new majority owners, Capital Z, we have openly stated that we have ambitious plans for growth of the Group. Very much like our own business, Autoline has a customer-centred approach and a strong reputation, which makes it an excellent fit and an obvious choice for acquisition. As a newly combined management team we will utilise the knowledge and experience of both businesses for the benefit of our customers and for maximum growth in Northern Ireland and beyond.”
Michael Blaney, Managing Director of Autoline said, “We believe this is the right and best approach to building on the value we have created in recent years for our customers and employees at Autoline. I am confident this will deliver enhanced opportunities and benefits for both customers and staff going forward.”
Prestige CEO Trevor Shaw has a strong and positive message for both staff and customers of the newly expanded group. He said, “Both businesses have a successful track record and we will be firmly focused on ensuring business as usual for all customers and staff. Customers of both businesses can be confident that their current insurance cover will not be affected by this move.”
PRESTIGE MEDIA ENQUIRIES: For media information on Abbey Insurance / Prestige Insurance Holdings contact: Vicki Caddy, Director, ASG & Partners, 02890 802000 or email@example.com
AUTOLINE MEDIA ENQUIRIES: For media information on Autoline contact Shona Jago-Curtis, Jago Communications, 02890 918420 or firstname.lastname@example.org
NOTES TO EDITORS: Abbey Insurance Brokers has 23 branches province-wide, including a head office in Carrickfergus; Autoline has a network of 4 branches and a head office in Newry.